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HomeMy WebLinkAboutR-79-0794RESOLUTION NO. 79 - ;7 94 A RESOLUTION AMENDING SECTIONS 10, 11, AND 12 OF THE BASIC AGREEMENT FOR FINANCING HOUSING IN THE CITY OF MIAMI BY AND BETWEEN DADE COUNTY AND THE CITY OF MIAMI, DATED JULY 19, 1976 TO AUTHORIZE THE COUNTY. MANAGER AND THE CITY MANA- GER TO APPROVE PROPOSED FINANCIAL PLANS FOR HOUSING PROJECTS AND TO THEREAFTER SUBMIT PRO - PROSED-PROJECT CONTRACTS RESPECTING SUCH PROJECTS « (>OQT,'\'E IN FORM AND SUBSTANCE SUBSTANTIALLY AS CONTAINED SUr- 1\1 IN THE ATTACHED BLANK PROJECT CONTRACT FORM TO C1 1�Ar �1 TS THE COUNTY COMMISSION` AND THE CITY' COMMISSION G� lJ y FOR APPROVAL PRIOR TO EXECUTION OF SUCH PROJECT FOtntv()V11 CONTRACTS. • WHEREAS, on June 17, 1976, the City Commission adopted Resolution No. 76-612, authorizing the execution of an Agree- ment For Financing Housing in the City of Miami By And Between Dade County and the City of Miami; and WHEREAS, Section 9 of the said Agreement requires the County to prepare financial plans for these projects; and WHEREAS, Sections 10, 11, and 12 of the said Agreement require County and City Commission approval of Financial Plans, after which project contracts are submitted for approval by both Commissions; and WHEREAS, the, herein resolution submitted for Commission approval will authorize the City Manager and the County Manager o approve project financial plans on behalf of the two J uris- dictions, saving a considerable amount of time in the project development process; and WHEREAS, on November 6, 1979,'the `County Commission' adopted Resolution No'. R-1364-79 authorzing this modification O , of the said Agreement; and "DOCUMEMITEMNN . INDEX , ,,rr' WHEREAS, under the proposed modific�atioon to the said herein resolution respecting all Housing Projects, still have to be submitted for approval to both the County Commission and the City. Commission prior to the execution thereof; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: CITY COMMISSION MEETING OF NOV261979 oumoN No.7 9 - 7 Section 1. The City Manager is hereby authorized and instructed to amend Sections 10, 11, and 12 of the Basic Agreement for Financing Housing in the City of Miami by and between Dade County and the City of Miami, dated July 19, 1976, which amendment shall be dated November 6, 1979, and will result in the aforesaid sections reading as follows: "Section 10. Prior to the delivery of any County Obligations relating to any Housing Project or Pro- jects, a Financial Plan for such Housing Project or Projects shall be submitted for approval to the County. Manager and the City Manager. The County Manager and the City Manager are hereby authorized to approve such Financial Plan for and on behalf of the County and the City, respectively, and their approvals thereof shall be conclusive evidence of the approval of the County and the City. Section 11. The County shall advertise for com- petitive bids for the provision of the Housing Project and upon the receipt of bids therefor shall open and examine the same, and shall either award the contract or contracts or reject all bids and readvertise for new bids. Section 12. When a contract or contracts for a Housing Project shall have been awarded, the County shall promptly prepare and submit to the. County Com- mission and to the City Commission a proposed Project Contract respecting such Housing Project which shall be in form and substance substantially as the blank form of Project Contract attached hereto as Exhibit "D", and which shall be in conformity with applicable law, the Ordinance and this Agreement. Upon County Commission and City Commission approval thereof, such Project Contract shall be duly executed by the County Manager and the City Manager for and on behalf of the County and the City, respectively." 1979. PASSED AND ADOPTED this 26th day of November "SUPPORT VE 1 ,E{r�;)) ATTEST: FULLS PREPARED AND APPROVED BY: Maurice A. Ferre �. ___441/t elAided< ROBERT F. CLARK ASSISTANT CITY ATTORNEY APP' D S TO FORM AND CORRECTNESS: MAYOR t 'GSA . KNOX, ' TY ATTORNEY -2- 79-794 EXHIBIT "D" PROJECT CONTRACT RELATING TO THE HOUSING. PROJECT IN THE CITY OF MIAMI DESIGNATED DADE THIS PROJECT CONTRACT, dated as of 1979 by and between THE CITY OF MIAMI, a municipal corpora- tion (hereinafter called the "City") and DADE COUNTY, FLORIDA, a county (hereinafter called the "County"), in the State of Florida: W ITNESSET H: In consideration of the covenants and agreements herein contained to be performed by the City and the County and other good and valuable consideration paid by each of the parties to the other, the receipt of which is hereby severally acknowledged, THE CITY OF MIAMI, FLORIDA, and DADE COUNTY, FLORIDA, hereby agree as follows: Section 1. This. Contract is executed and delivered pur- suant to that certain Agreement designated, AGREEMENT FOR FINANCING HOUSING IN THE CITY OF MIAMI BY AND BETWEEN DADE COUNTY AND THE CITY OF MIAMI By and between the City and the County, dated as of July 19, 1976 (herein called the "Basic Agreement"). This Contract supplements the Basic Agreement and it is intended that the Basic Agreement and this Contract shall be part of an overall agreement between the City and the County. Words and terms used in this Contract which are defined the Basic Agreement shall have the same meanings as in the Basic Agreement. If any provision of this Contract shall be in conflict with the Basic Agreement, this Contract shall be controlling. "SUPPORTIVE DOCUMENTS FOLLOW" 1 79-794 Section 2. The County and the City hereby covenant and represent that each of them is authorized to enter into and to be bound by this Project Contract and to do all of the acts and things, and to perform all of the obligations under- taken by each of them pursuant to this Project Contract and the Basic Agreement. Section 3. The County and the City hereby agree to; co-operate in providing and financing a Housing Project located within the corporate boundaries of the City de- scribed and located as follows; hereincalled the "Housing Project". Section 4. It is estimated that the total cost to the County of providing the Housing Project, including financing costs, shall be complete specifications, contracts and other contract documents approved by the City, as expeditiously as practicable. The County further agrees that it shall issue its revenue bonds the "County Obligations") in the principal to pay, with other funds available The County agrees to undertake, carry out and the Housing Project in accordance with the plans, (herein called amount of therefore, the entire cost of the Housing Project. In addition, maximum Federal assistance through an aggregate annual contribution of will be provided for the . Housing Project by contract with ment of Housing and Urban Development through the Section Unnn E 2. the United` States Depart- • • r 79 794 program of the Housing and Community development Act of 1974. The construction and operation of the Housing Project shall be subject to applicable Federal regula- tions and conditions under said Section 8 program. Section 5. In order to assist the County in financing the Housing Project and to increase the security and market- ability of the County Obligations, the City, pursuant to the Basic Agreement and this Contract, hereby covenants and agrees to provide City Assistance for financing the Housing Project through the use of proceeds of City Bonds as herein provided. As City Bonds are issued and sold by the City from time to time, the net proceeds thereof remaining after deducting all costs and expenses of or attributable to such issuance and sale shall be paid into a trust fund or other earmarked account established in a bank or other depositary by the City and shall be held, administered, invested and reinvested by the City for the purposes in the Ordinance, the Basic Agreement and this Project Contract. Earnings and profits derived from such investments shall be credited and losses shall be charged to such fund. Section 6. From the monies paid into such fund, a sum equal to the maximum Principal and Interest Requirements (as defined in the Trust Indenture securing said County. Obligations) for any single Bond Year (as defined, in said Trust Indenture) for the County Obligations, which sum may not exceed shall be made available by the City as City Assistance to assist. the County in financing the Housing .Project. Such sum shall be transferred by the City to the County contemporaneously with the delivery by the County of its 3. County Obligations and/or the receipt by the County of the proceeds of such obligations. Such transfer shall be effected by the payment or deposit to the credit of the Special Housing Fund established by said Trust Indenture as provided for in Section 208 of said Trust Indenture. Such fund shall be held and administered by the trustee under said Trust Indenture as additional security for the County obligations issued or incurred for the purpose of financing the Housing Project and. shall be held, administered, applied or otherwise used for the Housing Project in the manner and for the purposes provided in the Basic Agreement, in this Project Contract and in the said Trust Indenture. Section 7. Each year the County shall make a payment in lieu of taxes (herein called PILOT) from the excess net revenues of the Housing Project, if any, in an amount equal to at Dade of the annual rent collected , including the Federal Housing Assistance Payments, but not, in any event, exceeding such excess net net revenues shall be sufficient to permit a PILOT at the full rates described hereinabove, the City and the County shall. receive a portion of the PILOT in the ratio that its tax rate bears to the total tax rate of the City and the County; if the excess net revenues shall be insufficient to permit PILOT at the full rate, the City shall receive as much of its full PILOT as the excess net revenues will permit, and the remaining excess net revenues, if any, shall be paid to 'the County in the manner described hereinabove. Excess net revenues shall mean the gross revenues of the Housing revenues for the particular year. 4. If the excess Project less (i) the operating expenses for the Housing Project, or (ii) so long as any County Obligations are outstanding under the Trust Indenture, the sum of the First through the Seventh deposits required by Section 503 of the Trust Indenture. IN WITNESS WHEREOF, the CITY OF MIAMI, FLORIDA, has caused this Contract to be executed in its name and behalf by its City Manager and its official seal to be hereunto affixed and attested by its City Clerk or a Deputy City Clerk thereunto duly authorized; and DADE COUNTY, FLORIDA, has caused this Contract to be executed in its name and behalf by its County Manager and the official seal of the Board of County Commissioners to be hereunto affixed and attested by the Clerk or a Deputy Clerk of said Board thereunto duly authorized as of the day of 1979. CITY OF MIAMI, FLORIDA ATTEST: City Clerk (CITY SEAL) ATTEST: Clerkofthe Board of County Commissioners (COUNTY SEAL) 5. By: City Manager DADE COUNTY, FLORIDA By: County Manager: APPROVED AS BY:, TO FORM AND CORRECTNESS: GEORGE F. KNOX, JR., CITY ATTORNFA I.7 9 7 9 EXHIBIT "D" PROJECT CONTRACT RELATING TO THE HOUSING PROJECT IN THE CITY OF MIAMI DESIGNATED DADE THIS PROJECT CONTRACT, dated as of 1979 by and between THE CITY OF MIAMI, a municipal corpora- tion (hereinafter called the "City") and DADE COUNTY, FLORIDA, a county (hereinafter called the "County'), in the State of Florida: W I T N E S S E T H:. In consideration of the covenants and agreements herein contained to be performed by the City and the County and other good and valuable consideration paid by each of the parties to the other, the receipt of which is hereby severally acknowledged, THE CITY OF MIAMI, FLORIDA, and DADE COUNTY, FLORIDA, hereby agree as follows: Section 1. This Contract is executed and delivered pur- suant to that certainAgreement designated, AGREEMENT FOR FINANCING HOUSING IN THE CITY OF MIAMI BY AND BETWEEN DADE COUNTY AND THE CITY OF MIAMI By and between the City and the County, dated as of July 19, 1976 (herein called the "Basic Agreement"). This Contract supplements the Basic Agreement and it is intended that the Basic Agreement and this Contract shall be part of an overall agreement between the City and the County. Words and terms used in this Contract which are defined the Basic Agreement shall have the same meanings as in the Basic Agreement. If any provision of this Contract shall be in conflict with the Basic Agreement, this Contract shall be controlling. • Section 2. The County and the City hereby covenant and represent that each of them is authorized to enter into and to be bound by this Project Contract and to do all of the acts and things and to perform all of the obligations under- taken by each of them pursuant to this Project Contract and the Basic Agreement. Section 3. The County and the City hereby agree to, co-operate in providing and financing a Housing Project located within the corporate boundaries of the City de- scribed and located as follows; herein called the "Housing Project". Section 4. It is estimated that the total cost to the County of providing the Housing Project, including financing costs, shall be The County agrees to undertake, carry out and complete the Housing Project in accordance with the plans, specifications, contracts and other contract documents approved by the City, as expeditiously as practicable. The County further agrees that it shall issue its revenue bonds (herein called the "County Obligations") in the principal amount of to pay, with other funds available therefore, the entire cost of the Housing Project. In addition, maximum Federal assistance through an aggregate annual contribution of will be provided for the . Housing. Project by contract with the United States Depart- ment of Housing and Urban Development through the Section 8 2. 4 program of the Housing and Community development Act of 1974. The construction and operation of the Housing Project shall be subject to applicable Federal regula- tions and conditions under said Section 8 program. Section 5. In order to assist the County in financing the Housing Project and to increase the security and market- ability of the County Obligations, the City, pursuant to the Basic Agreement and this Contract, hereby covenants and agrees to provide City Assistance for financing the Housing Project through the use of proceeds of City Bonds as herein provided. As City Bonds are issued and sold by the City from time to time, the net proceeds thereof remaining after deducting all costs and expenses of or attributable to such issuance and sale shall be paid into a trust fund orother earmarked account established in a bank or other depositary by the City andshall be held, administered, invested and reinvested by the City for the purposes in the Ordinance, the Basic Agreement and this Project Contract. Earnings and profits derived from such investments shall be credited and losses shall be charged to such fund. Section 6. From the monies paid into such fund, a sum equal to the maximum Principal and Interest Requirements (as defined in the Trust Indenture securing said County Obligations) for any single Bond Year (as defined in said Trust Indenture) for the County Obligations, which sum may not exceed shall be made available by the City as City Assistance to assist the County in financing the Housing .Project. Such sum shall be transferred by the City to the County contemporaneously with the delivery by the County of its 3. County Obligations and/or the receipt by the County of the proceeds of such obligations. Such transfer shall be effected by the payment or deposit to the credit of the Special Housing Fund established by said Trust Indenture as provided for in Section 208 of said Trust Indenture. Such fund shall be held and administered by the trustee under said Trust Indenture as additional security for the County Obligations issued or incurred for the purpose of financing the Housing Project and shall be held, administered, applied or otherwise used for the Housing Project in the manner and for the purposes provided in the Basic Agreement, in this Project Contract and in the said Trust Indenture. Section 7. Each year the County shall make a payment in lieu of taxes (herein called PILOT) from the excess net revenues of the Housing Project, if any, in an amount equal to of the annual rent collected at Dade , including the Federal Housing Assistance Payments, but not, in any event, exceeding such excess net revenues for the particular year. If the excess net revenues shall be sufficient to permit a PILOT at the full rates described hereinabove, the City and the County shall receive a portion of the PILOT in the ratio that its tax rate bears to the total tax rate of the City and the County; if the excess net revenues shall be insufficient to permit a PILOT at the full rate, the City shall receive as much of its full PILOT as the excess net revenues will permit, and;. the remaining excess net revenues, if'any, 'shall be paid to 'the County in the manner described hereinabove. Excess net revenues shall mean the gross revenues of the Housing 4 t Project less (i) the operating expenses for the Housing Project, or (ii) so long as any County Obligations are outstanding under the Trust Indenture, the sum of the First through the Seventh deposits required by Section 503 of the Trust Indenture. IN WITNESS WHEREOF, the CITY OF MIAMI, FLORIDA, has caused this Contract to be executed in its name and behalf by its City Manager and its official seal to be hereunto affixed and attested by its City Clerk or a Deputy City Clerk thereunto duly authorized; and DADE COUNTY, FLORIDA, has caused this Contract to be executed in its name and behalf by its County Manager and the official seal of the Board of County Commissioners to be hereunto affixed and attested by the Clerkor a Deputy Clerk of said Board thereunto duly authorized as of the day of 1979. CITY OF MIAMI, FLORIDA ATTEST: By: City Clerk (CITY SEAL) City Manager DADE COUNTY, FLORIDA ATTEST: By• Clerk of the Board of County Manager County Commissioners (COUNTY SEAL) 5. Joseph R. Grassie, City Manager Dena S p i 1 1 m a n :VA�A�1 Wik`c'�— Director Citizen Services 11/8/79 FILE: Request for Approval to Amend Section 10, 11 a'nd 12:of the Basic Agreement for Financing City Commission Agenda 11/20/79 It is recommended that the City Commission approve a Resolution amending the Sections 10, 11, and 12 of Agreement For Financing Housing In The City 0f Miami By And Between Dade County And The City Of Miami On June 17, 1976, the City Commission adopted Resolution No 76-612, authorizing the execution of an Agreement For Financing Housing in The City of Miami By And Between Dade County and the City of Miami. Section 9 of the Agreement requires the County to prepare financial plans for these projects. Sections 10, 11, and 12 of the Agreement require County and City Commission approval of Financial Plans, after which project contracts are submitted for approval by both Commissions. The resolution submitted for Commission approval would authorize the City Manager and County Manager to approve project financial plans on behalf of the two jurisdictions, saving a considerable amount of time in the project development process. On November 6, 1979, County Commission adopted resolution No. R-1364-79 authorizing this modi- fication of the Agreement. /ek 9 7 (l9 4